13 Oct 2020

Mortgage rates war looms as Heartland offers 1.99%

From Checkpoint, 5:20 pm on 13 October 2020

A mortgage rate war could be on the way, as banks look to lend more money to potential home buyers.

Heartland Bank has stoked the fire with a record, one year fixed loan rate of 1.99 percent.

Meanwhile, house prices continue to defy Covid-19, with figures from the Real Estate Institute showing the median house price is now $685,000.

Homes are also being bought at a faster rate, meaning the number of new listings is staying low.

RNZ reporter Anan Zaki has more.